Castle St resident Liam Connell said he and his flatmates were paying $250 per week each to live in the thick of things among the "party flats".
The rent comes out of their Studylink living costs loan, which is just over $300 a week.
Mr Connell said they got by by "begging for money" from their parents.
They still had not sorted out a budget for groceries and were surviving on takeaways through Flo-Week and O-Week.
"These two weeks were kind of a free-for-all."
The flat was in a "terrible" condition when they moved in with a hole in Mr Connell's room and penis drawings for wall art.
However, he said the boys knew what they were getting into, so were not complaining.
Mr Connell said his landlord had been pretty helpful and they managed to get a free microwave after their parents complained.
Come winter, he could see the budget getting squeezed as their electricity costs increased.
Fellow Castle St resident Louis Vonetty said he was paying $240 per week for rent and thought his property was "probably not worth it".
He said although his flat had received a good clean over the summer there had been some dodgy repair jobs and there were a few holes in the wall.
But it was all worth it because he was looking forward to living in Castle St, which is known as a hub for parties.
